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Benzinga
Benzinga
Business
Shanthi Rexaline

World's Biggest Sovereign Wealth Fund Cashes Out Of Rivian, Trims Tesla Stake, But Bulks Up On This Chinese EV Maker

Rivian Norges Bank NYSE Norges NIO Oil electric vehicle Nasdaq Norway

Norges Bank, the central bank of Norway and the sponsor of the world's biggest sovereign wealth fund (the Norwegian Oil Fund), has substantially changed its allocation toward electric vehicle stocks in the first quarter.

Norges' Big EV Portfolio Changes: Norges Bank sold its entire stake in Rivian Automotive, Inc. (NASDAQ:RIVN) in the first quarter, selling all the 1.993 million shares it held at the end of the fourth quarter.

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